News analysis: Solvency II - should brokers be worried about the impact the reforms will have?
The government’s Solvency II overhaul will likely start this year. Politicians want to relax capital requirements to unleash investment and make the UK a more competitive country. Others have concerns about insurer failures, reports Saxon East.
The average person had probably never even heard of Solvency II, let alone considered it, when deciding to vote in 2016 on whether to remain or leave the European Union. However, Brexiteer politicians believe that the UK, free from Europe’s powers, can shake up this important piece of regulation, thereby boosting the country’s prosperity.
“Solvency II puts the UK market at a competitive disadvantage, and it is ripe for reform,” said Jacob Rees-Mogg, following his appointment as Brexit Minister
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